In mid-2025, The Open Network (TON)—the blockchain built into Telegram—is no longer just a curiosity. It is now a thriving Layer-1 protocol, boasting daily transaction volumes reaching 1.2 million and hosting over $350 million in total value locked (TVL). These milestones have elevated TON into the spotlight as mainstream blockchain adoption gets put to the test.
For context, TON’s native integration with Telegram offers a unique path to mass user engagement. With 900 million global monthly users, Telegram’s built-in TON wallet enables peer-to-peer crypto transfers and payments seamlessly within chat threads—sometimes described simply as sending tokens like a message. This integration transforms decentralization from a buzzword into everyday utility.
On-chain data reflects TON’s exceptional performance. Just over a year ago, the network processed around 100,000 transactions per day. Today, that figure has exploded to roughly 1.2 million daily transactions, showcasing its capacity to support high-volume, consumer-style activity such as micropayments, gaming, and tipping . Network throughput has scaled accordingly, dramatically strengthening TON’s case as a mass-market blockchain.
Complementing activity levels, TON’s TVL has also grown steadily. Locking over $350 million in assets—including staking, liquidity provision, and lending—demonstrates solid user commitment and developer engagement. A key catalyst in this growth has been the launch of native USDT (Tether), providing a stable on-ramp to Telegram-based crypto users .
The introduction of native Tether (USDT) on TON was a breakthrough. With stablecoin payments now possible directly in Telegram chats, users gained access to a dependable store of value and medium of exchange. As of early 2025, roughly 500 to 520 million USDT had been issued on the platform—worth hundreds of millions of dollars in circulation.
That flow has coincided with a 46% TVL rise over the past month alone, with a large portion attributed to USDT-based deposits. The synergy of stable value and ease of use is sharply boosting TON’s momentum.
Earlier in 2025, Telegram rolled out much more than token transfers. The company included staking, in-wallet trading, and an “Earn” feature in its in-app wallet—active for over 100 million users. The result: non-crypto-native users can now buy, send, stake, and swap tokens without leaving their chat interface.
The interface refresh has accelerated retention and incentivized deeper usage—every wallet-integrated step removes friction and lifts engagement across TON’s ecosystem.
TON’s rise is significant for several reasons:
- Proof of mass integration – Few blockchains can claim embedded access to nearly a billion users. TON’s Telegram tie-in makes wallet creation and transactions feel as normal as messaging.
- Utility beyond hype – A million transactions per day and $350 million TVL show that crypto on TON is being used for more than speculation—true utility is taking root.
- Stablecoin as killer app – USDT has emerged as the real enabler. When dollars move easily within chat apps, financial innovation gains mass relevance.
In effect, TON isn’t biohacking crypto adoption—it’s mainstreaming it.
Yet, solid growth doesn’t erase challenges. The heavy stablecoin activity raises questions about ecosystem balance versus speculative trading. Further, while TVL is solid, TON’s DeFi landscape—led by platforms like STON.fi and EVAA—remains smaller than DeFi giants like Ethereum and Solana.
Another risk is centralization. The TON Foundation and Telegram maintain tight control over the ecosystem, which may deter decentralization advocates. Additionally, token distribution and developer incentives—especially around USDT programs—require continuous oversight to avoid yield traps or governance missteps .
Nevertheless, TON’s network shows surprising resilience. The addition of rewards, staking, and USDT integration bodes well for future stability, assuming sustained user activity and thoughtful incentive alignment.
Still, where does TON stand in the wider crypto context? With Ethereum focused on DeFi and Web3 narratives, and Solana on high-performance DApps, TON stakes its claim on utility and reach. Its dynamic sharding architecture promises scalability. Its user base guarantees adoption. And its stablecoin mechanisms pack power for payments and financial inclusion.
To some analysts, TON is shaping up as a bridge—unfairly compared to experimental Layer-1s, TON is, in reality, closer to a consumer banking and payments network, operating where messaging overlaps with finance.
TON’s numbers—from 1.2 million daily transactions to over $350 million in TVL—are no accident. They reflect a strategy built around accessibility, simplicity, and genuine utility, with Telegram as the launchpad.
If this trajectory continues—with stable user growth, balanced DeFi expansion, and regulatory watch—it could redefine how millions interact with Web3. Crypto, in this vision, isn’t the frontier; it’s woven right into everyday life.
TON might just be the first blockchain with the reach—and ecosystem partnerships—to pull that off. And messaging as finance could become more than a buzzword—it may be the blueprint for mainstream blockchain utility.